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Buyers – What You Need to Know

What are you looking for in your new home? Are you prepared to embark on the exciting rollercoaster ride that is the home-buying process? Here’s a little checklist on things you need to know (and do!) before buying a home.

  • Financing – Getting your finances in order may seem daunting, but it’s the most important step in the whole process. After all, how are you going to buy a home without the funds? Purchasing and owning a home entail certain financial obligations, such as the down payment, closing costs, moving costs, and other related expenditures. You’ll want to consider applying for a loan or a mortgage, and in order to qualify or get preapproval for one, your credit rating needs to be acceptable. Your employment will also play a role on getting approved for your mortgage.
  • Loans and Mortgages – If you need a little help in funding your home, applying for a mortgage is the way to go. There are several kinds of mortgages, such as fixed-rate and adjustable-rate mortgages. It’s important to know your options to be able to determine which plan works best for you. Check out this link for more information: http://www.homebuyinginstitute.com/mortagetypes.php.
  • Buyer Representation – Hiring a real estate agent is the way to go if you’re on the lookout for the best property deals in the Central Mississippi real estate market. You’re in luck, as Marketplace Real Estate is home to an impressive line-up of real estate experts bent on making your Central Mississippi real estate dreams come true. Aside from access to the best listings in the market, a great real estate agent will provide assistance in every aspect of the home-buying process. It cost nothing up front to have someone represent you.  It could cost you thousands if you don’t.  All buyers should have someone looking after their interests and helping them through the buying process.
  • Earnest Money – Once you’ve found the home of your dreams, the chance of having the seller accept the offer you placed will increase significantly if you deposit  some an earnest money. Not only does it show your good faith; it sends a message to the seller that you are not just interested, but seriously interested in purchasing his listed property.
  • Multiple Offers – Sometimes, you’ll have to face stiff competition. A home you’re highly interested in might already have a few offers, but don’t back out! To increase your chances of winning in a multiple offer situation, why not make the highest or cleanest offer? Securing an approval letter from your chosen lender can also tip the odds to your favor. And remember the earnest money deposit we mentioned earlier? Yes, that’s going to help you emerge as victor, too.  The real estate agents at Marketplace are experienced in multiple offer situations and know the finer elements in getting your offer accepted over the competition.  Again, make sure you have buyer representation.

There are many other aspects involved in the home-buying process. To know more about its intricacies, get in touch with Marketplace Real Estate. Our real estate professionals will be more than happy to educate you on each aspect.